Ashby Proposes $5,000 Small Business Tax Credit
Assemblyman Jake Ashby (R,C,I,Ref-Castleton) recently introduced legislation (A.10453) to create a $5,000 small business tax credit to reimburse businesses which make facility upgrades, adjustments or improvements in response to COVID-19 to prevent the spread of infectious diseases. Since its introduction, the bill has gained widespread bipartisan support, which the assemblyman hopes will lead to its passage.
Small businesses are the foundation of our states economy and this legislation would help businesses get back on their feet while taking the necessary precautions to keep employees and customers safe, said Ashby. After months of financial hardship caused by the COVID-19 pandemic, it is imperative that our State do everything we can to help our local small businesses and the thousands of people they employ.
The legislation has garnered bipartisan support, including that of fellow Capital District Assemblyman John McDonald, who co-sponsors the legislation along with Ashby and is likewise advocating for its passage to provide necessary assistance to our local small businesses.
Assembly member John T. McDonald III said I am proud to support this commonsense legislation that would provide additional financial assistance for small businesses in order to help them prioritize the health and safety of our citizens and their customers. We need to continue to support our small businesses as they move forward on the path to recovery after this devastating pandemic, as the recovery will be a long road.
The $5,000 small business tax credit is also strongly supported by the Capital Region Chamber of Commerce, who represent over 2,900 businesses and organizations throughout the Capital District.
I applaud Assemblymen Ashby and McDonald for introducing legislation which will provide much-needed relief to our small businesses, stated Mark Eagan, President & CEO of the Capital Region Chamber. I urge the state legislature to quickly take up and pass this bill. Small businesses are the backbone of our economy; they have faced incredible hardships during the COVID-19 crisis, and the state must provide the necessary support to allow them to reopen and thrive.
Assembly session days are being convened at the call of the speaker, so there is time to pass this bill. Ashby is urging his colleagues to support the tax credit and call for its passage as soon as possible to give businesses the security in knowing help will be there for them.